June 2007/5

Lloyd’s (re)insurance broker, Newman Martin and Buchan Ltd (NMB), has become the latest intermediary to launch a capital markets division, which will be headed by alternative risk transfer veteran Mark Burbidge and senior reinsurance player, Paul Dunster.

Swiss (re)insurer Zurich Financial Services Group (ZFS) announced the establishment of a new division for its direct business in Europe effective 1 July, with a subsequent internal management re-shuffle.

Balance sheet confidence is high among Bermudian (re)insurers following a strong 2006 and first quarter 2007, with share buy-backs and reserve releases prevalent on the island despite softening market conditions, according to the latest Benfield Bermuda Q

The announcement in Parliament last week that the Government will examine changes to the 1982 Lloyd’s Act is likely to encourage some frenetic lobbying.

Brit Insurance Holdings plc’s $200mn cat bond is the second publicly rated collateralised debt obligation of natural catastrophe risk, following Catlin’s debut Bay Haven Ltd transaction last September.

Shipowners were warned last week about the growing threat of piracy around the Horn of Africa.

Bermudian property cat specialist IPC Holdings Ltd has executed around half of its authorised share repurchase programme in the second quarter of 2007, it announced last week.

The alleged poaching dispute between Gen Re and Arch took a new turn last week, when the temporary restraining order granted against Arch Capital and four former Gen Re executives in May was lifted and replaced by an agreed-upon order between the parties.

Insurers, brokers and rating agencies have put their weight behind legislation that proposes an extension of the Terrorism Risk Insurance Act (TRIA) from a temporary programme to a more permanent ten-year facility.

ACE Tempest Re Group, the reinsurance arm of ACE Ltd, has established an underwriting presence in Lloyd’s Chinese operation.

AmWINS Group, Inc, the private equity backed-US wholesale broker linked with a move for London market broker Besso Group, has bought The American Equity Underwriters, Inc, (AEU) and refinanced its debt to fund further “strategic acquisitions”.

Banking giant HSBC Holdings has formed a joint venture with the UK’s largest insurer, Aviva, to sell general insurance products in the domestic market.